The EITC is a
A. tax credit to working poor families.
B. provision in the minimum wage law that allows waitresses to be paid less because they get tips.
C. welfare program for which only nonworking families are eligible.
D. provision in the minimum wage law that allows for a lower training wage.
Answer: A
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If the U.S. government enters the foreign exchange market and purchases dollars to maintain a specific exchange rate with the yen, the dollar will ________ and the yen will ________
A) depreciate; depreciate B) depreciate; appreciate C) appreciate; depreciate D) appreciate; appreciate
When Frank's income rises from $29,000 to $34,000 per year, he increases his purchases of tomatoes from 20 pounds to 28 pounds per year
What is Frank's income elasticity of demand for tomatoes? (Use the midpoint formula.) According to Frank, are tomatoes an inferior or normal good?
The low-income countries in the world, many of them located in Africa and Asia, often have GDP per capita of less than __________ per year.
a. $30,000 b. $10,000 c. $5,000 d. $2,000
Implicit costs are the
a. opportunity costs of using resources owned by the entrepreneur in his/her own business b. payments the business owner must make on borrowed funds c. costs which vary as the level of output varies d. payments the business owner makes in cash e. payments the business owner makes for public relations, such as donations to charity